Raleigh and other Sun Belt cities saw a decrease in rents in the past year, largely due to a surge in new apartments. While the median U.S. rent for new leases is down 1.5% from the previous year, it is still roughly 20% above pre-pandemic levels. The surge in supply is limiting landlords' ability to raise rents. High building costs and increased demand have led many to offer rent concessions or keep renewals flat.